New Issue: Morgan Stanley sells $1.5 million buffered participation securities on three indexes

By William Gullotti

Buffalo, N.Y., Feb. 23 – Morgan Stanley Finance LLC priced $1.5 million of 0% buffered participation securities due Feb. 23, 2024 linked to the worst performing of the Russell 2000 index, the Nasdaq-100 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes above the initial level, the payout at maturity will be par plus the gain of the laggard index up to par plus 33.5%.

If any index falls but not by more than 25%, the payout will be par.

Otherwise, investors will lose 1% for each 1% loss of lesser-performing index beyond the buffer.

The notes are guaranteed by Morgan Stanley.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley Finance LLC
Guarantor:	Morgan Stanley
Issue:	Buffered participation securities
Underlying index:	Russell 2000 index, Nasdaq-100 index, Dow Jones industrial average
Amount:	$1.5 million
Maturity:	Feb. 23, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If final level of each is greater than initial index level, par plus the gain of lesser-performing index return up to par plus 33.5%; if lesser-performing index falls by up to 25%, par; otherwise, 1% loss for each 1% loss of the lesser-performing index beyond the buffer
Initial levels:	34,312.03 for Dow, 2,028.092 for Russell, 14,171.74 for Nasdaq
Buffer levels:	75% of initial levels
Pricing date:	Feb. 17
Settlement date:	Feb. 23
Agent:	Morgan Stanley & Co. LLC
Fees:	0.65%
Cusip:	61773H7G8

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